As of August 31 this year, more than 3,600 trademark applications have been filed around the fields of cryptocurrency, web3, metaverse and non-fungible tokens (NFTs). The total number of trademarks filed around these industries was 3,516. of 2021. These findings are highlighted by Mike Condoulis, an intellectual property attorney who shares tips for brands and companies filing for patents and trademarks in the US.
So far this year, the number of NFT applications has surpassed those submitted in the crypto, web3 and metaverse arenas. As of this time, more than 5,800 NFT-related applications and patents have already been filed with the United States Patent and Trademark Office (USPTO). In 2021, the number was 2,087.
March this year saw the highest number of NFT-related applications filed at 1,078.
These blockchain-enabled sectors are expanding on the back of promising industrial performance and predictions surrounding them.
Meanwhile, sales of NFTs are set to reach $25 billion (roughly Rs. 1,84,700 crore) in 2021 as speculative crypto assets grow in popularity, data from market tracker DappRadar shows.
Just last week, a study by Dune Analytics claimed that high-end luxury brands that have integrated their products with NFTs in recent times have raked in millions in revenue.
A total of $260 million (approx. Rs. 2,074 crore) has been collectively earned by reputed brands that explored selling NFTs with their products.
Meanwhile, trademark filings in the Metaverse and Web3 sectors have also more than doubled their numbers in 2021.
Earlier this month, Hermes, the 1837-founded French luxury design house, filed a broad trademark application with intentions to enter the fields of cryptocurrency, metaverse and NFTs.
Research report expect Market opportunity for Metaverse to reach $800 billion (approx. Rs. 59,58,700 crore) by 2024.
